What countries are using the euro currency?

The euro is the second largest reserve currency and the second most traded currency in the world.

The euro is the official currency of euro-zone, which consists of 17 of the 27 member states of the European Union. These 17 members which adopted euro are Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.

The ten countries, which are EU countries but not using the euro as their official currencies, are Bulgaria, the Czech Republic, Denmark, Hungary, Latvia, Lithuania, Poland, Romania, Sweden, and the United Kingdom.

Outside the EU, Monaco, San Marino and Vatican started to use the euro as their currency since 2002. They signed formal agreement with the EU and acquired the right to mint euro coins with their own designs on the national side. Others, like Andorra, Kosovo and Montenegro have adopted the euro unilaterally. Some overseas territories of EU members like Mayotte, Clipperton Island, French Southern and Antarctic Lands, Saint Pierre and Miquelon use the euro while they themselves are not part of the EU. On the other hand, UK Sovereign Base areas (Akrotiri and Dhekelia) are the only areas under EU member of British sovereignty but use the euro.

When did the euro currency started to be used?

The euro was established in 1999. ERM was a monetary system established in 1979, which firstly participated by eight countries of Germany, France, Italy, Netherlands, Belgium, Luxembourg, Denmark and Ireland. The purpose of ERM is to reduce exchange rate variability and achieve monetary stability among Europe, meanwhile to prepare for the introduction of euro.

Preceding currencies of the 17 Eurozone members

17 Euro-zone members

Preceding currencies

currency code

fixed rate with Euro

Year of Euro became as official currency

Year of Euro fully adopted

Austria

Austrian schilling

ATS

1 EUR = 13.7603 ATS

Jan,1999

Feb,2002

Belgium

Belgian franc

BEF

1 EUR = 40.3399 BEF

Jan,1999

Feb,2002

Cyprus

Cypriot pound

CYP

1 EUR = 0.585274 CYP

Jan,2008

Jan,2008

Estonia

Estonian kroon

EEK

1 EUR = 15.6466 EEK

Jan,2011

Jan,2011

Finland

Finnish markka

FIM

1 EUR = 5.94573 FIM

Jan,1999

Feb,2002

France

French franc

FRF

1 EUR = 6.55957 FRF

Jan,1999

Feb,2002

Germany

Deutsche Mark

DEM

1 EUR = 1.95583 DEM

Jan,1999

Feb,2002

Greece

Greek drachma

GRD

1 EUR = 340.750 GRD

Jan,2001

Feb,2002

Ireland

Irish pound

IEP

1 EUR = 0.787564 IEP

Jan,1999

Feb,2002

Italy

Italian lira

ITL

1 EUR = 1936.27 ITL

Jan,1999

Feb,2002

Luxembourg

Luxembourgish franc

LUF

1 EUR = 40.3399 LUF

Jan,1999

Feb,2002

Malta

Maltese lira

MTL

1 EUR = 0.429300 MTL

Jan,2008

Jan,2008

Netherlands

Dutch guilder

NLG

1 EUR = 2.20371 NLG

Jan,1999

Jan,2002

Portugal

Portuguese escudo

PTE

1 EUR = 200.482 PTE

Jan,1999

Feb,2002

Slovenia

Slovenian tolar

SIT

1 EUR = 239.640 SIT

Jan,2006

Jan,2007

Slovakia

Slovak koruna

SKK

1 EUR = 30.1260 SKK

Jan,2007

Feb,2009

Spain

Spanish peseta

ESP

1 EUR = 166.386 ESP

Jan,1999

Feb,2002

Euro coins and banknotes

All Euro Coins have a common side (face side) showing Latin alphabet version of euro, the value written by Arabic numerals and a map of EU. The national side (backside) shows with the image specifically chose by the issuing country’s bank. Euro Coins from any member state may be freely used in euro-zone countries.

Euro banknote has common designs on both sides. The front features windows or gateways while the back features bridges. 7 banknotes are issued in €500, €200, €100, €50, €20, €10, €5 whose sizes are different according to Euro Banknotes denomination. The €5 euro banknote is the smallest size and the €500 banknote is the biggest size. Each banknote has its own color which dedicates to an artistic period of European architecture.

Euro and the European Union (EU)

The euro is the currency of eurozone and used by the seven Institutions of the European Union (EU). The eurozone, officially called the euro area, is an economic and monetary union (EMU) of 17 European Union (EU) member states that have adopted the euro as their official currency. It was established in 1999. The European Union (EU) is an economic and political union. It traces back to 1951, the creation of the European Coal and Steel Community (ECSC) and the following treatments of the European Economic Community (EEC) established in 1958. The European Union (EU) has been expended from the six founding members of Belgium, France, West Germany, Italy, Luxembourg, Netherlands to 27 member states by 2007.

27 EU members

Joined EU since

currency name

currency code

Acceded to Eurozone since when
or the on-going status

old currency name

old currency code

Belgium

1958

Euro

EUR

January 1, 1999

Belgian franc

BEF

France

1958

Euro

EUR

January 1, 1999

French franc

FRF

Germany

1958

Euro

EUR

January 1, 1999

Deutsche Mark

DEM

Italy

1958

Euro

EUR

January 1, 1999

Italian lira

ITL

Luxembourg

1958

Euro

EUR

January 1, 1999

Luxembourgish franc

LUF

Netherlands

1958

Euro

EUR

January 1, 1999

Dutch guilder

NLG

Denmark

1973

Danish krone

DKK

EU state with an opt-out on Eurozone participation. The Danish krone is part of the ERM-II mechanism.

/

/

United Kingdom

1973

British pound

GBP

EU state with an opt-out on Eurozone participation. British pound was forced to exit ERM in 1992.

/

/

Ireland

1973

Euro

EUR

January 1, 1999

Irish pound

IEP

Greece

1981

Euro

EUR

January 1, 2001

Greek drachma

GRD

Portugal

1986

Euro

EUR

January 1, 1999

Portuguese escudo

PTE

Spain

1986

Euro

EUR

January 1, 1999

Spanish peseta

ESP

Austria

1995

Euro

EUR

January 1, 1999

Austrian schilling

ATS

Finland

1995

Euro

EUR

January 1, 1999

Finnish markka

FIM

Sweden

1995

Swedish krona

SEK

EU state with a "de-facto" opt-out on Eurozone participation. Sweden has chosen to stay out of the ERM II mechanism.

/

/

Cyprus

2004

Euro

EUR

January 1, 2008

Cypriot pound

CYP

Estonia

2004

Euro

EUR

January 1, 2011

Estonian kroon

EEK

Malta

2004

Euro

EUR

January 1, 2008

Maltese lira

MTL

Slovakia

2004

Euro

EUR

January 1, 2006

Slovak koruna

SKK

Slovenia

2004

Euro

EUR

January 1, 2007

Slovenian tolar

SIT

Czech Republic

2004

Czech koruna

CZK

EU state obliged to join the Eurozone.

/

/

Hungary

2004

Hungarian forint

HUF

EU state obliged to join the Eurozone.

/

/

Latvia

2004

Latvian lats

LVL

EU state obliged to join the Eurozone. Latvian lats is part of the ERM-II mechanism.

/

/

Lithuania

2004

Lithuanian litas

LTL

ERM-II, EU state obliged to join the Eurozone. Lithuanian litas is part of the ERM II mechanism.

/

/

Poland

2004

Polish złoty

PLN

EU state obliged to join the Eurozone.

/

/

Bulgaria

2007

Bulgarian lev

BGN

EU state obliged to join the Eurozone.

/

/

Romania

2007

Romanian leu

RON

EU state obliged to join the Eurozone.

/

/

Euro and the currencies pegged to the euro

The euro is seen as a stable currency. Currently there are several currencies pegged to the euro, some are at par while some with fluctuation bands around a central rate. The three countries, Denmark, Latvia, Lithuania are the member states of EU. So their currencies of Danish krone (code: DKK), Latvian lats (code: LVL), Lithuanian litas (code: LTL) are part of the European Exchange Rate Mechanism (ERM)-II and could have a fluctuation band of ±15%, however with de facto tighter fluctuation band, such as 0.5% or 1%.